Pear Therapeutics Closes Financing

BOSTON, MA – Pear Therapeutics, the creator of prescription pharmaceutical-software combination products called eFormulationsTM, announced today that it has successfully closed on additional financing. The funding round was led by 5AM Ventures, with several undisclosed additional investors contributing capital. The investment will allow Pear to build a portfolio of eFormulationsTM. Concurrently, Andrew J. Schwab, Founding Managing Partner of 5AM Ventures, has been appointed to the Pear Therapeutics Board of Directors.

Pear is developing digital health interventions to enhance the efficacy of pharmaceutical preparations. While its proprietary approach has broad clinical application, the company is initially focused on disorders of the brain, many of which impose large societal costs and yet still have limited treatment options. “From mobile applications, to virtual reality simulations, to predictive analytics, our technology directly boosts medication efficacy in incredibly significant ways, well beyond enhanced compliance. Our team has pulled together the pieces required to deliver these products to patients,” said Corey McCann, President and CEO of Pear.

“Brain-related disorders represent a significant healthcare problem that today’s pharmaceutical pipeline is ill-equipped to address. We were very impressed by early data for eFormulationsTM in tackling mental health issues and Pear’s approach provides an opportunity to elevate the standard of care for disorders going well beyond the brain,” said Andrew J. Schwab.